Synopsis As Introduced Amends the Consumer Fraud and Deceptive Business Practices Act. Provides that, on or after January 1, 2008, no person shall sell a gift certificate that is subject to (i) an expiration date or (ii) a post-purchase fee. Provides that the face value of a gift certificate, issued on or after January 1, 2008, may not be reduced in value and the holder of a gift certificate may not be penalized in any way for non-use or untimely redemption of the gift certificate. Effective January 1, 2008.
Senate Floor Amendment No. 1 Provides that on or after January 1, 2008, no person shall sell a gift certificate that is subject to an expiration date earlier than 5 years after the date of issuance (instead of subject to an expiration date).